FBR to Hike Immovable Property Valuations by 75% This Week

Get ready for a significant increase in property valuations! The Federal Board of Revenue (FBR) is set to raise the values of immovable properties by up to 75% of the existing market values, bringing them closer to reality. This change will impact property owners across Pakistan, affecting various aspects like taxes and investment decisions.

Key Points:

• FBR to issue notification regarding revised property valuations on Friday, October 25, 2024.
• The revised values will apply to over 50 cities across Pakistan.
• This increase aims to align property valuations with current market trends.
• The Federal Tax Ombudsman (FTO) had earlier set a deadline of October 11, 2024, for FBR to revise the valuations.
• This is the fifth time FBR has adjusted property valuations since 2018.

Impact on Property Owners:

• Higher property taxes: The increased valuations will lead to higher property taxes for owners.
• Increased capital gains tax: When selling a property, owners will have to pay higher capital gains tax based on the new valuations.
• Impact on investment decisions: Investors may need to reconsider their property investment strategies due to the revised valuations.

Stay Informed:

• Keep an eye out for the official notification from FBR on October 25th.
• Consult with a tax advisor to understand the specific impact of the revised valuations on your property.
• Stay updated on further developments related to property valuations in Pakistan.

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